Toyota in Another Massive Recall

The world's largest automaker Toyota is embroiled in yet another recall, this time of 6.39 million vehicles, the second-largest ever.

The Japanese carmaker said Wednesday that the recalls will involve 27 different models, including the compact Vitz, RAV4 SUV and Porte van. They include 1.09 million vehicles sold in Japan, 2.34 million in North America, 810,000 in Europe and 62,000 in China that were manufactured between 2004 and 2010.

A Toyota Korea spokesman said no cars sold in Korea fall under the recalls considering the production period and origin.

The Porte vans are being recalled due to the possibility of engines overheating, while the RAV4 suffers from problems in electrical circuits that can lead to malfunctioning airbags. In the Vitz, springs holding the driver's seat have been known to snap.

The recalls are estimated to cost Toyota US$580 million. Toyota had to recall 7.43 million vehicles in 2012 and 1.9 million Prius hybrids in February this year due to software glitches.

The recalls have cast doubts on Toyota achieving its goal of selling 10 million cars this year because they could dent consumer confidence. Toyota shares dropped a whopping 4.9 percent during trading on Wednesday.

The Japanese automaker posted its best-ever earnings results last year due to a weak yen, but the recalls will likely dampen its momentum.